IG Group (LON:IGG) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Shares of IG Group Holdings plc (LON:IGG) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 1,516.41 and traded as high as GBX 1,869. IG Group shares last traded at GBX 1,821, with a volume of 37,834,715 shares trading hands.

Wall Street Analysts Forecast Growth

IGG has been the subject of several recent analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and set a GBX 1,250 price objective on shares of IG Group in a report on Wednesday, May 20th. Royal Bank Of Canada boosted their target price on IG Group from GBX 1,600 to GBX 1,850 and gave the stock an “outperform” rating in a report on Wednesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on IG Group from GBX 1,650 to GBX 1,750 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of GBX 1,288.

IG Group Stock Performance

The stock has a 50 day moving average price of GBX 1,780.56 and a two-hundred day moving average price of GBX 1,521.86. The company has a debt-to-equity ratio of 31.16, a current ratio of 215.53 and a quick ratio of 2.40. The company has a market capitalization of £5.93 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of -1.44 and a beta of 0.53.

IG Group announced that its Board of Directors has approved a share repurchase program on Wednesday, April 1st that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

About IG Group

IG Group Holdings plc (“IG”) is a FTSE 100 financial technology company operating at the intersection of retail trading, technology and capital markets. Through its trusted brands – IG, tastytrade, Freetrade and Independent Reserve – the Group serves over 1.3 million customers worldwide, providing leveraged trading, stock trading and investments, and cryptocurrency trading via its proprietary platforms. For more information, visit www.iggroup.com.